Asian acrylonitrile markers CFR Far East Asia jumped US$70 a ton in the last week of September while Southeast Asia rose by a sharp US$35 a ton on the week. In China, offers for offshore cargoes up US$25 a ton CFR on the week.
Acrylonitrile prices in Asian markets shot up on the week as supply tightened dramatically. South Korea’s Tongsuh Petrochemical will shut its 245,000 ton a year ACN unit in Ulsan from mid-October for scheduled maintenance.
Declining textile exports have prompted India to look outside traditional markets and tap the ones being served by competitors such as China. The textiles ministry of India is planning to do roadshows to promote textile exports in the new markets.
They used to hold roadshows in the past and wanted to approach new markets through these. They have identified Russia, South America and West Asia to boost exports.
Cotton yarn exports in India declined by 11.58 per cent in terms of value and 4.44 per cent in terms of volume during April - June this year compared to the same period last year.
Cotton yarn exports to China, being the major consumer has declined.
China import
China imported 149.66 million kg of cotton yarn during the first three months of last financial year (2015-2016) and it dropped to 99.09 million kg during the same period this year. The decline in exports started in April 2014.
In Konabari and Gazipur Industrial area, the production of hundreds or textile and garments factories has been hampered for the last one week due to the suspension of gas transmission for a leak in the pipeline at Elenga in Tangail district.
Exporters will face difficulties to exports their products on time and might have to resort to expensive air shipments to meet the deadline.
They might have to offer discounts too if they miss the deadline.
For the development of textile sector, Pakistan government has approved Rs 185 million under Export Development Fund (EDF)
The meeting of EDF was held under the chairmanship of secretary of Ministry of Textile Industry, which approved various development projects for promotion of textile sector and boost its exports.
Saudi Arabia, 3rd largest producer of ethylene after USA and China, with 17 million tons annually in 2016 and US$ 17 billion average sales per year.
Saudi Basic Industries Corporation (SABIC) comes in the second place in the global ethylene capacity, with more than 13 million tons per year, producing about 11 million tons annually in the Kingdom through its branches in the Jubail and Yanbu industrial cities as well as its joint ventures for the production of ethylene in China, the UK, and the Netherlands.
Sharp increase in yarn prices have hit the powerloom units very badly and most of suppliers have now decided to cut production by downing their shutters once in a week to stay in the business by avoiding huge losses.
"We are trying our best to clock a handsome business ahead of Diwali. But, we are finding it difficult to meet the orders as yarn prices have gone up," said K Suresh, president of Erode Powerloom Owners Association (EPOA).
Baba Ramdev’s plans to venture into clothing and make khadi apparel has evoked positive response from the textile industry with teams from some prominent business houses approaching Patanjali with their products.
Earlier this week, a team from the Raymond Group showed different samples of its products to Patanjali executives. Ahmedabad-based textile manufacturer Arvind, too, has contacted Patanjali to explore business opportunities, said people familiar with the developments.
In Shengze, offers for 32s polyester yarn remained unchanged in the third week of September and 45s were stable on the week. In Qiangqing, offers for 32s weaving were steady on the week.
Spun polyester yarn offers were lowered somewhat in Shengze region of China amid thin enquiring and selling sentiment. Mainstream offers for 32s and 45s down US cents 3 a kg reflecting the last week’s moderation in PSF prices.
Asian PTA markers slipped US$3 a ton CFR China in the third week of September. CFR Southeast Asia and CFR India markers were also assessed down on the week. Yisheng Petrochemical’s offers edged down US$4 a ton.
Purified terephthalic acid prices moderated somewhat in Asian markets as demand remained weak, particularly in India. Several PTA units in China are expected to restart from maintenance soon including Yisheng's plant at Hainan, and Hengli's plants at Dalian. In China, PTA markets remained under fluctuation with high-end prices retreating and low-end numbers picking up.
